Federal Government Announces Dangote Refinery Will Sell Fuel To Marketers In Naira

Federal Government Announces Dangote Refinery Will Sell Fuel To Marketers In Naira

The Federal Government has confirmed that Dangote Refinery will sell its refined products, including petrol and diesel, to Nigerian oil marketers and distributors in naira. This announcement was made by Zacch Adedeji, Special Adviser to President Bola Tinubu on Revenue Generation, following the Federal Executive Council (FEC) meeting on Monday………. CONTINUE READING 

Adedeji highlighted that Nigeria currently spends between 30% and 40% of its monthly foreign exchange on importing premium motor spirit (PMS), also known as fuel. This amounts to approximately $660 million, or about ₦1.06 trillion, based on the Central Bank of Nigeria’s exchange rate of ₦1609.067 per dollar.

He explained that the new policy is aimed at conserving foreign exchange and addressing issues in the oil sector. “Starting immediately, NNPC will engage with local refineries, beginning with Dangote Refinery. Sales of crude oil to Dangote Refinery and the sale of refined products from Dangote Refinery to marketers will now be conducted in naira,” Adedeji stated. “This will reduce the pressure on foreign exchange and decrease our spending on PMS.”

In a related development, Minister of Labour and Employment Nkeiruka Onyejiocha announced that the ₦70,000 minimum wage signed into law by President Tinubu must be implemented across the country. She praised the swift passage of the Minimum Wage Act by the National Assembly, calling it one of the fastest bills to be processed.